High Collateral Quality: The trust collateral consists of 100% Federal
Family Education Loan Program (FFELP) loans including 19.9% of
rehabilitated (rehab) loans. The credit quality of the trust collateral
is high, in Fitch's opinion, based on the guarantees provided by the
transaction's eligible guarantors and at least 97% reinsurance of
principal and accrued interest provided by the U.S. Department of
Education (ED). Fitch affirmed and assigned a Outlook Stable to the U.S.
Sovereign rating on March 24, 2014.

Sufficient Credit Enhancement: Cash flows scenarios for the class A and
B notes were satisfactory under Fitch's stresses. At closing, total
parity is expected to be 101.07% and senior parity is expected to be
103.63%. Total credit enhancement (CE) is provided by
overcollateralization (OC), excess spread and, for the class A notes,
2.47% in subordination provided by the class B notes.

Adequate Liquidity Support: Liquidity support is initially provided by a
$7,690,000 reserve account (2.00% of outstanding note balance), funded
at closing with note proceeds. On or after the July 2015 distribution
date, the specified reserve requirement is reduced to 1.25% of the
outstanding note balance with a floor of $384,500.

Target (News - Alert) Overcollateralization Level: For the pass-through structure,
excess spread must build to the greater of: 1.25% of the adjusted pool
balance or $2 million before excess cash may be released from the trust.

Acceptable Servicing Capabilities: Nelnet, Inc. will be responsible for
servicing approximately 59.4% of the NSLT 2014-4 portfolio; Pennsylvania
Higher Education Assistance Agency (PHEAA; 33.3%) and Xerox-ES (7.3%)
will service the remaining portfolio. In Fitch's opinion, all the
servicers listed are acceptable servicers of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS (News - Alert) rely on the U.S. government to reimburse
defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the
'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating,
defaults and basis risk account for the majority of the risk embedded in
FFELP student loan transactions. Additional defaults and basis shock
beyond Fitch's pubished stresses could result in future downgrades.
Likewise, a buildup of credit enhancement driven by positive excess
spread given favorable basis factor conditions could lead to future
upgrades. For further discussion of Fitch's sensitivity analysis, please
see the presale titled 'NSLT 2014-4', dated May 14, 2014, available at www.fitchratings.com.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.

Meet Your Big Data Storage Needs: CoraidAs businesses collect more and more data, they will require storage capabilities that are easily and secure, accessible, and quickly scalable for pure storage as well as data analytics.

Managing Your Data and Apps in Multi-Cloud Environments: Right ScaleBusinesses have reached beyond education and are starting to make signifcant cloud computing deployments, which means they need an awareness of public and private resources, which to deploy in what instances, and how to manage and maintain applications across both domains.

Enabling Cross-border Data Center Connectivity: InterxionOne of the challenges for multinational enterprises is establishing connectivity between infrastructure located on different continents. The Transatlantic Data Center Alliance helps overcome many of these challenges, including regulatory and compliance needs.